Original Post: Halliburton Agrees to Extend SEC Probe
WASHINGTON Halliburton Co. has said it will agree to the Securities and Exchange Commission's request for more time to investigate possible bribery and corruption in connection with the company's natural gas operations in Nigeria.
The oilfield services conglomerate disclosed the SEC's recent request for a so-called tolling agreement in a regulatory filing on Tuesday. Such an accord will put off the time when the legal clock started running, or tolling, on the case under the statute of limitations - generally five years for such investigations.
The agreement also gives Houston-based Halliburton more time to make its case to the SEC against possible civil charges under the Foreign Corrupt Practices Act or to work out a settlement with the agency. The act makes it unlawful to bribe foreign government officials or company executives to obtain or retain business.
"In September 2006, the SEC requested that we enter into a tolling agreement with respect to its investigation. We anticipate that we will enter into an appropriate tolling agreement with the SEC," Halliburton said in its filing.
SEC spokesman John Nester declined comment Wednesday.
Both the SEC and the Justice Department have been investigating an alleged $180 million bribery scheme in Nigeria involving the predecessor company of Halliburton engineering and construction subsidiary Kellogg, Brown & Root and three other companies - from France, Italy and Japan. The allegations center on a contract for a $4 billion Nigerian liquefied natural gas plant that was awarded in 1995 to a consortium of the four companies.
Halliburton fired two consultants, including former KBR chairman A. Jack Stanley, for violating the company's business code of conduct by receiving "improper personal benefits" related to the consortium's construction of the Nigerian plant.
A former KBR employee has asked Congress to investigate what he claims are Halliburton's efforts to cover up violations of the anti-corruption law and to mislead federal investigators.
David A. Smith said in a filing with the SEC in September that he mistakenly received e-mails from a company attorney on how to handle federal investigations - notes he says were intended for David R. Smith, a vice president with Halliburton's tax group.
The e-mails, he said, focused on how Halliburton would defend itself against bribery charges.
LinkHere
The oilfield services conglomerate disclosed the SEC's recent request for a so-called tolling agreement in a regulatory filing on Tuesday. Such an accord will put off the time when the legal clock started running, or tolling, on the case under the statute of limitations - generally five years for such investigations.
The agreement also gives Houston-based Halliburton more time to make its case to the SEC against possible civil charges under the Foreign Corrupt Practices Act or to work out a settlement with the agency. The act makes it unlawful to bribe foreign government officials or company executives to obtain or retain business.
"In September 2006, the SEC requested that we enter into a tolling agreement with respect to its investigation. We anticipate that we will enter into an appropriate tolling agreement with the SEC," Halliburton said in its filing.
SEC spokesman John Nester declined comment Wednesday.
Both the SEC and the Justice Department have been investigating an alleged $180 million bribery scheme in Nigeria involving the predecessor company of Halliburton engineering and construction subsidiary Kellogg, Brown & Root and three other companies - from France, Italy and Japan. The allegations center on a contract for a $4 billion Nigerian liquefied natural gas plant that was awarded in 1995 to a consortium of the four companies.
Halliburton fired two consultants, including former KBR chairman A. Jack Stanley, for violating the company's business code of conduct by receiving "improper personal benefits" related to the consortium's construction of the Nigerian plant.
A former KBR employee has asked Congress to investigate what he claims are Halliburton's efforts to cover up violations of the anti-corruption law and to mislead federal investigators.
David A. Smith said in a filing with the SEC in September that he mistakenly received e-mails from a company attorney on how to handle federal investigations - notes he says were intended for David R. Smith, a vice president with Halliburton's tax group.
The e-mails, he said, focused on how Halliburton would defend itself against bribery charges.
LinkHere
posted by Kangaroo Brisbane Australia at 3:33 PM
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